On the north shore of Massachusetts, the Fairweathers comprise properties in four locations: Beverly, Danvers, Peabody and Salem.
In the overheated real estate market of 2005-2006, there was great concern that the Fairweather, built with HUD funds in 1968 as affordable housing for the elderly, could be converted to market rents or even condominiums.
In collaboration with its funders, POAH developed an innovative financing plan which allowed purchase and preservation of the four Fairweather sites. The complex package combined public and private sources, including new mortgages held by MassHousing, equity proceeds from the syndication of low income housing tax credits, continuation of the Section 236 Interest Reduction Payments (IRP) and modest rent increases consistent with current area fair market rents for non-subsidized units.
The financing underwrote significant upgrades to the buildings' envelopes, new roofs and energy-efficient windows, upgrades to the heating plants with energy-saving boilers, and expanded community space including computer areas and wireless connectivity.
POAH has used the Fairweather purchase to look at new ways of managing energy costs: in addition to replacing the windows, boilers and common area lighting, POAH has installed an array of solar panels at Salem Fairweather which produces free electricity.
POAH’s resident service partners include Partners Care at Home and TRIAD, providing programs such as Wellness Clinics and Seniors and Law Together.
- Massachusetts Housing Investment Corporation (MHIC)